Answered step by step
Verified Expert Solution
Question
1 Approved Answer
How would you figure out capital and drawings with the given information? I also included the transactions (if those are needed to find capital and
How would you figure out capital and drawings with the given information? I also included the transactions (if those are needed to find capital and drawings.)
On April 1, (Your Name) Golfing School had the following accounts, some include the balances below and are listed in no particular order. 3,000 150 Fees Income Advertising Exp A/R: L. Troop A/P: Jacks Repair Shop Utilities Exp (Your Name), Capital 100 750 Cash A/R: P. Moore Rent Exp Equipment Repair Exp Equipment Your Name, Drawings 4,700 ??? Record the following April transactions in the ledger. 2 2 3 4 5 8 April 8 9 10 12 12 12 17 Received $300 cash from customers for golf lessons Issued a bill for $95 to L. Troop for lessons that will be paid later Paid $1,400 cash to United Reality for the monthly rent Received $50 cash from P. Moores to be applied to the amount outstanding Received a $175 bill from Jacks Repair Shop for repairing equipment Received $2,000 cash from customers for lessons Issued another $45 bill to L. Troop for Lessons Received $100 cash fro P. Moores to pay balance owed Received a $500 bill for equipment bought from Jacks Repair Shop Paid $90 cash for electricity and water Paid $300 to Jacks Repair Shop to reduce the balance owing Paid $355 cash to the gazette for advertising Owner withdrew $600 for personal useStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started